Mahindra Finance Home Loan
Proud to be the largest home finance company serving rural India, Mahindra Finance Home Loan Ltd. has helped in building over 12 lakh homes. Unlike the traditional home loan procedures that require excessive documentation, MRHFL offers quick processing and affordable home loans starting at an interest rate of 8.50% per annum. The processing fee for a Mahindra Home Loan ranges between 1% - 3.5% of the loan amount, subject to a minimum of Rs. 1,000. Eligible applicants can seek home loans from Mahindra Home Loan Finance for up to 20 years of repayment tenure. Salaried and self-employed borrowers can apply for a Mahindra home loan to purchase or construct a new home, renovate or extend an existing home, and also to transfer their existing home loan to MRHFL at affordable rates and with flexible repayment modes.
Mahindra Finance Home Loan EMI Calculator
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Mahindra Finance Home Loan Key Highlights
Get the lowest interest rates with Mahindra Finance
| Loan Amount | Up to 75% of the construction cost (excluding the cost of land) |
|---|---|
| Rate of Interest | Starts at 8.75% per annum |
| RPLR | |
| Processing Fee |
1.25% to 2.25% |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Floater/ Fixed |
| Charges for Prepayment/Foreclosure | N/A |
Mahindra Finance Home Loan Interest Rates in 2024
MRHFL offers home loans at an affordable interest rate, starting at 8.75% per annum. These rates may vary depending on the employment status of the borrower. The NBFC primarily offers home loans on a floater basis, but it also offers fixed-rate packages that are subject to revision every 3 years depending on the current market conditions.
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Floater Plan (For Salaried) | Bank Salaried: Starts at 8.50% per annum |
| Floater Plan (For Self Employed) | Starts at 8.50% per annum |
| Floater Plan (For Salaried) | Cash Salaried: Starts at 11.00% per annum |
| Floater Plan (For Self Employed) | Starts at 8.50% per annum |
| Floater Plan (For Salaried) | Agriculturist: Starts at 14.50% per annum |
| Floater Plan (For Self Employed) | Starts at 8.50% per annum |
Interest rates were last updated on 1st December 2024
Mahindra Home Loan Eligibility Criteria
Mahindra Home Finance offers easy home loans to aspiring homeowners who are able to prove their eligibility for the same. The NBFC doesn't ask much to qualify for housing loan schemes; all it requires is a specified age eligibility, nationality, and minimum income of a borrower.
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 58 | 21 - 58 |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 10,000 per month | Rs. 10,000 per month |
Mahindra Finance Housing Loan Processing Fee and Charges
Mahindra Housing Finance charges a nominal fee for home loan processing, which is 1% - 3.5% of the loan amount. This popular NBFC also charges some other fees for documentation, and other processes conducted by the officials to offer you hassle-free home loans.
| Processing Fee | 1% - 3.5% of the loan amount (subject to a minimum of Rs. 1,000) |
|---|---|
| Document Fee | Up to Rs. 1,500 |
| Duplicate No Objection Certificate | Up to Rs. 100 |
| Document Retrieval Charges | Up to Rs. 500 |
| Cheque Cancellation/ Re-Issue Charges | Up to Rs. 500 |
| Cheque Bounce Charges | Up to Rs. 500 |
| Additional Interest Payment | Up to 24% per annum on the installments due |
| Reissuance of Statement of Account | Up to Rs. 250 |
| Reissuance of Amortization Schedule | Up to Rs. 100 |
| DD/ Pay Order Issuance Charges | Up to Rs. 150 |
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Mahindra Finance Home Finance Schemes and Top Plans
Mahindra Home Finance understands the varied needs of aspiring homeowners. Keeping this in mind, the NBFC offers a wide range of home loan schemes that are listed below:
1. Construction Home Loans
- Affordable home loan scheme to help get funds to construct a home on a plot
- Maximum loan amount is up to 75% of the construction cost
- Maximum loan repayment tenure is up to 20 years
2. Home Renovation Loans
- Ideal for improving or renovating an existing home
- Maximum loan amount up to 75% of the construction cost
- Maximum loan repayment tenure of up to 20 year
3. Home Extension Loans
- Best home loan scheme for extending an existing home
- Maximum loan amount up to 75% of the construction cost
- Maximum loan repayment tenure of up to 20 years
4. New Purchase Home Loans
- Best home loan scheme to purchase a new home at an affordable rate of interest
- Maximum loan amount up to 75% of the property value
- Maximum loan repayment tenure of up to 20 years
5. Balance Transfer Home Loans
- Flexible balance transfer of an existing home loan to MRHFL
- Affordable rate of interest
- Additional top-ups available
Note: All of the above home loan plans are made available to applicants solely at the discretion of Mahindra Finance, taking into consideration the earning and repayment capacity of the applicant.
Get Home Loan Starting at 8.5%*
Documents Required For Mahindra Finance Home Loan
MRHFL offers quick home loans with minimum documentation. Have a look at the list of required Mahindra Finance home loan documents. These are general KYC documents with some variations in requirements from salaried and self-employed applicants:
Documents Required for Salaried Applicants
- Salary slips for the last 3 months
- Latest ITR
- Bank statements for the last 6 months
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Mahindra Housing Finance Ltd.
Documents Required for Self-Employed Applicants
- Business License
- Business Address Proof
- Latest ITR
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Mahindra Housing Finance Ltd.
- Bank Statements for the last 6 months showing repayment of the loan
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
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Find Mahindra Finance Offices Near You
If you are planning to visit one of the offices of Mahindra Finance Home Loan near you to understand the Mahindra Finance Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
The interest rate of Mahindra home loans starts at 8.50% per annum. However, we suggest you confirm the same from the official website of the NBFC.
To apply for a Mahindra Finance home loan online, visit its official website and fill out the application form. Alternatively, you can contact the BASIChomeloan team for assistance in the procedure.
Mahindra Finance offers loan amounts up to a maximum of 75% of the construction cost of a property.
The processing fee charges for a Mahindra home loan range between 1% - 3.5% of the sanctioned loan amount and is subject to a minimum of Rs. 1000.
No, MRHFL doesn’t levy any prepayment charges for home loans from borrowers.
Mahindra Home Finance Ltd. offers home loans with a maximum repayment tenure of up to 20 years.
Yes, you can easily transfer your existing home loan to Mahindra Home Loan through the Balance Transfer Scheme.
Yes, there is a provision to take a joint home loan from Mahindra Home Loan Finance Ltd. However, all co-applicants should be the co-owners of the property.